Insolvency is an excellent mechanism to use to achieve stability and one does this by using one’s assets to get rid of creditors (sequestration) or to liquidate a company.
There are many tools to use in successful business management, and insolvency is merely one of them when the time is right.
Further proof of claims against the Close Corporation; and 2.
Adoption of the Liquidators' Report and Resolutions. C M CLOETE & N F NEMAKWARANI, Liquidators, c/o Xirimele Trustees CC, PO Box 495, Garsfontein 0042.
The respondent be and is hereby placed under provisional liquidation. All persons who have a legitimate interest are called upon to put forward their reasons, if any, why this Court should not order the final liquidation of the respondent on the return date on 5 SEPTEMBER 2017. A copy of this order be served on the respondent at its registered place of business and on the employees and trade Unions of respondent, if any, and published in Government Gazette and Pretoria Newspaper. Costs of this application be costs in the liquidation.
BY THE COURT REGISTRAR (10726457) IN THE HIGH COURT OF SOUTH AFRICA (GAUTENG DIVISION, PRETORIA) Case No: 14074/2017 PRETORIA 02 JUNE 2017 BEFORE THE HONOURABLE MR JUSTICE BRANDAJ In the matter between WELATHISHA INVESTMENT (PTY) LTD 1st Applicant and NATIONAL TEACHERS UNION Address: No.
The liquidator represents the interests of all creditors.
The liquidator supervises the liquidation, which involves collecting and realising the company's assets (turning them into cash), discharging the company's liabilities, and distributing any funds left over among the shareholders in accordance with the company's constitution (or the COMPANIES ACT 1993 if there is no constitution).
One can rehabilitate FOUR years after sequestration.
The main purpose of a liquidation where the company is insolvent is to collect in the company's assets, determine the outstanding claims against the company, and satisfy those claims in the manner and order prescribed by law.
The liquidator must determine the company's title to property in its possession.
Liquidation (or "winding up") is a process by which a company's existence is brought to an end.
First, a liquidator is appointed, either by the shareholders or the court.